Economic downturn and dampened consumer confidence caused house prices to dip during fourth quarter

TORONTO, Jan. 26 /CNW/ - During the fourth quarter of 2008, Canada's real estate market posted a decline in both unit sales and house prices, according to a House Price Survey released today by Royal LePage Real Estate Services.

The combination of a global economy in recession and shrinking employment figures did much to dampen consumer confidence, diminish home sales and cause house prices to drop. Of the housing types surveyed, the average price of detached bungalows dipped by 4.8 per cent...

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